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Cape San Blas Real Estate Week in Review - March 25-31, 2017

Published on April 1, 2017 by Sherri Dodsworth under Cape San Blas

Back-to-back banner weeks for our market.  We were super busy again, closing eight sales and writing up eight new contracts. Sellers added five new listings, and lowered the price on just one other. Our inventory was able to shed seven, closing the week at 245, with 74 homes and 171 lots listed for sale in the Cape San Blas, Indian Pass, and C-30 Corridor MLS market.

Ovation Bay Front Lot Under Contract March 2017 with List Price of $130,000

We’ll kick off our review of this week’s eight sales on the bay side of Ovation, where just two weeks ago buyers had their offer accepted on this 45′ by 163′, 0.19-acre, AE flood zone bay front lot listed for a very attractive  $130,000.  The seller bought this one during the developer’s clearing house sale in 2012 when they let the current owners have it for $67,000. On Monday it sold for $120,000.

Ovation Bay View Lot Under Contract March 2017 with List Price of $69,750

Also on the bay side in Ovation, this irregularly-shaped, 0.18-acre bay view, “X” zone lot on Pinnacle Drive went under contract just last week with a list price of $69,750. The parties closed on Thursday for $63,000 cash, so the sellers realized a nice profit having bought the property in that same developer sale of mid-2012 for $19,000.

Cape San Blas Bay Front Lot Under Contract February 2017 with List Price of $199,900

About two miles down the road, this 85′ by 400′, half-acre bay front lot in Bay Haven overlooking Pig Island listed for $199,900 closed on Friday for $190,000 with the buyers using conventional financing. It’s in an AE flood plain.

Cape San Blas Corner Lot Under Contract March 2017 with List Price of $50,000

Our fourth sale is down on the south side of the Cape in Surfside Estates where sellers accepted an offer at the beginning of March on their 98′ by 122′, quarter-acre corner lot listed for $50,000.  This AE flood zone lot last sold in 2004 for $205,000, but on Wednesday went for a far more modest price of $45,000.

Cape San Blas Lot in Boardwalk Under Contract March 2017 with List Price of $75,000

Next door to Surfside Estates is Boardwalk where this 79′ by 103′, 0.18 acre lot priced at $75,000 that last sold in 1992 for $52,000, or roughly $73,330 in today’s inflation-adjusted dollars, sold this week for $50,000, with the parties splitting closing costs 50/50.

Bay View Lot Under Contract March 2017 with List Price of $55,000

We’ll head off the Cape for the first time today heading over to Treasure Bay where in late February the parties shook hands on this 100′ by 220′, half-acre, bay-view lot listed for $55,000, a nice increase over the $14,900 the sellers bought it for in 2000. On Monday the sellers signed over the title at closing for $42,500. Treasure Bay is in a FEMA-eligible area.

Treasure Bay Lot Under Contract March 2017 with List Price of $69,500

Travelling further north along C-30 heading towards town sale number six is this 100′ by 200′, half-acre lot in Treasure Bay listed for $69,500. The sellers bought it in 2003 for $70,000 and accepted a check for $60,000 for it at closing this week. Treasure Bay has recorded covenants, but no HOA or HOA fees.

Bank-Owned Lagoon Front Lot Near Indian Pass Raw Bar Under Contract March 2017 with List Price of $24,500

Turning around and heading east along C-30, we’ll wander just a bit past the Indian Pass Raw Bar  to this 1-1/2-acre, 135′ wide bank-owned lagoon front lot listed for $24,500. As the aerial shows, much of that acreage is actually marsh and wetlands. The previous owners bought it in mid-2008 for $45,000, and on Tuesday it went for $24,000.

Cape San Blas First Tier Home Under Contract March 2017 with List Price of $389,500

We’re back on the  Cape to take a look at our eight new contracts starting off with this 2-bedroom, 2-bath, 966 square-foot fist tier gulf view cottage on White Sands Drive listed for $389,500.  The home is situated on a diminutive 40′ by 100′ lot.  According to the property appraiser, it was built in 1997.  The current owners bought it in mid-2004 for $386,000.

Cape San Blas Gulf Front Lot on Summer house Lane Under Contract March 2017 with List Price of $565,000v

Roughly two miles down the road on Summerhouse Lane in San Dunes buyers had their offer accepted on this 50′ gulf-front lot listed for $565,000 which the sellers bought in 2004 for $725,000. San Dunes is a relatively small subdivision of just 18 lots; amenities include a community pool, beach walkovers, and community landscaping.

Lot on the Corner of CSB Rd and Cozumel Under Contract March 2017 with List Price of $97,000

Not far from the Tradin’ Post, contract number three is on a corner lot fronting both Cape San Blas Road and Cozumel.  The 115′ by 120′, one-third-acre lot is being offered as a short sale with a list price of $97,000; the sellers bought it in mid-2005 for $420,000.

Cape San Blas Gulf Front Home Under Contract March 2017 with List Price of $767,500

Just north of Scallop Cove on Tiffany Beach Rd., sellers accepted an offer on their 3-bedroom, 2 1/2-bath, 1,20 square-foot gulf-front home listed for $767,500. The sellers bought it not too long ago in mid-2015 for $540,000, have fixed it up a great deal since then, and added new furnishings.

New Cape San Blas Home Under Contract March 2017 with List Price of $399,000

Back down on the south side of the Cape in San Blas Plantation, contract number five is on a newly-built 4-bedroom, 3 1/2-bath, 2,083 square-foot home with attached garage listed for $399,000. The builder bought the 69′ by 169′, quarter-acre lot in May 2016 for $37,500.

Lot Sand Trace Under Contract March 2017 with List Price of $55,000

We’re going to miss seeing this photo when the last of these lots on Sand Trace finally closes. Seems we’ve been seeing this same photo every week now for quite some time. This week’s lot du jour is a 150′ by 100′, 0.34′ acre bay view type listed for $55,000.

One Side of a Cape San Blas Duplex Under Contract March 2017 with List Price of $249,000

Our seventh contract is in nearby Cape Dunes, where buyers had their offer accepted on this one side of a duplex listed for $249,000. The 2-bedroom, 2 1/2-bath, 1,019 square-foot home last sold in early 2012 for $125,000.  Back in mid-2004, it went for $302,500.

Waters Edge Lo Under Contract March 2017 with List Price of $37,400

We’ll wrap things up today over in Waters Edge, the first subdivision you come to on the left side of C-30 after you leave the Cape heading in the direction of Indian Pass Raw Bar. Buyers had their offer accepted on this bank-owned, irregularly-shaped, 0.29-acre interior lot listed for $37,400. It last sold in February 2010 for $44,000.

That’s a wrap – great to see such continuing market interest.  Competition for attractive properties is red hot. If it’s looking good to you, chances are others are eyeing it as well. I’ve been working with so many buyers negotiating some great deals on lots and homes, and you can, too. If you’re thinking of getting in on some of these values, let’s talk. Call or text me at 850-227-5197 or shoot me an email to [email protected] and we’ll get started. Thanks so much for taking time out of your schedule today – hope to hear from you soon.


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